All Forum Posts by: Jared M.

 How do you look up to see if it was properly permitted? 

The garage apartment is mentioned on the tax records, but apparently in this county they do not include this sq footage.

The appraisal district has the following comment on the garage apartment in the tax records online: "Living area above detached garage is not included in the square footage living area of the dwelling but is valued separately"

Hi Folks,

I'm looking at property in Spring, TX - a newly renovated SFH that the current owner purchased in Aug15 and is looking to flip. The property has a newly renovated ~450 sq foot garage apartment that is above the detached garage. The house is 2100 sq feet (excluding the garage apartment) and in the neighborhood - prices are ranging from $65-80 sq foot. House is listed for around $200k. Tax records do not include the sq footage re: the garage apartment.

The seller's realtor has definitely included this apartment in the value of the property - but I'm curious as to how this situation typically is considered by lenders.  I would like to avoid making an offer on the property and then have the bank's appraiser come back with a valuation that does not consider the garage apartment.

Any ideas?

Welcome to BP. I would suggest starting with the Podcasts on your commute to/from work - start at Show #1 :)

 Yeah, I think you're right.

 Evolution. I think its one of the higher end buildings in the area. The Phase I bought in is still under construction; the developer has been telling us "Summer 2016" but who knows, it could be sometime in the fall.

@Mike Stewart

Thanks for the tip. I still need to save up a down payment, so I think I have a ways to go before I can start "kicking the tires" in other cities.

Yeah, I heard that some higher end properties have been getting hurt. I should probably have clarified, only one of my units is rented out; its a one bed unit in a 40+ building in the NW. The couple that live in it are older, pay rent in full/on time, and have no desire of moving anywhere. So rent in that unit has stayed flat at around $1300. The other condo I have is actually not yet mine - its a pre-construction condo in the East Village that I made a 10% down payment on back in late 2013. According to discussions I have had with my realtor and property manager, I can probably rent it out in the $1600 to $1800 range once I take possession this coming summer. That's compared to the $2200 to $2300 I thought I would get when I bought the property.... so fortunately, both my properties will still cash flow slightly in the current environment. But Calgary is not the market it used to be and a lot can change between now and the summer.

Hi Everyone,

I have been lurking on BP for quite some time and thought it was about time I introduced myself.

My name is Jared, I'm a Canadian that lives in Houston, Texas. I work in management consulting and have a background as an accountant. I currently own two rental / condo properties in Calgary, Canada (where I am from) and have gotten the hang of being a landlord.  

I actually can't remember how I found BP, but glad I did. A big fan.

My next goal is to buy my first piece of real estate in the United States. I've been toying with the idea of buying a fourplex and living in one of the units. However, I know that Houston is not the best market for that given that its mostly SFH's. I think the trickiest part for me will be financing a property in the US while on a work permit. Still doing research on that topic.